Newly named Asian Development Bank (ADB) President Masato Kanda and President Ferdinand Marcos Jr. agreed to deepen cooperation and support broad-based and sustainable growth across the country.
Kanda gave his word to Marcos the bank will continue to work closely with Manila authorities and other stakeholders to develop tailored solutions that respond to evolving challenges.
“We are proud to stand with the Philippines as a reliable partner, working closely with government and communities to solve complex challenges together, Kanda said in a statement released by the Manila-based institution on Wednesday night.
“Our responsive financial support, robust policy advice, and local cooperation aims to help ensure the gains of economic growth are felt by all Filipinos. We look forward to building on our longstanding partnership to deepen inclusive growth throughout the country,” he added.
Kanda emphasized ADB’s approach of listening to local needs and delivering tangible improvements to underserved areas.
He highlighted the importance of balancing infrastructure development with targeted measures that safeguard livelihoods and address emerging risks and highlighted how this has been a successful approach in ADB’s partnership with the Philippines.
ADB has ongoing projects worth $10.27 billion in the Philippines, including the Laguna Lakeshore Road Network, Bataan–Cavite Interlink Bridge, Malolos–Clark Railway Project and the South Commuter Railway Project.
Under ADB’s country partnership strategy 2024–2029 for the Philippines, the bank said it will further broaden its engagement by boosting human capital, supporting social programs and promoting innovation, ensuring that even the most vulnerable communities benefit from the country’s economic momentum.
Kanda commended the Philippines for its strong economic performance, citing average annual growth of 6.1 percent over the past four years and a reduction in poverty from 18.1 percent in 2021 to 15.5 percent in 2023.
He recognized the government’s decisive reforms that have opened sectors such as renewable energy, shipping, railways, expressways and telecommunications to foreign investments.
